Ethereum Layer 2 networks set a new record with 12.42 million daily transactions

Ethereum Layer 2 is abuzz with activity. The latest data suggests that the ecosystem has reached a new daily transaction volume record.

In fact, it was also found that these networks now contain more stablecoins than Solana and Binance Chain combined.

Growing the Ethereum Layer 2 Ecosystem

According to statistics compiled by Growthepie, daily transactions in the Ethereum layer 2 ecosystem reached 12.42 million on August 12, setting a new peak.

Regarding the new milestone, Leon Waidmann, head of research at the Onchain Foundation, also said the figure highlights rapid advances in scalability, which can push user engagement to new heights.

Additionally, Growthepie reported a 140% increase in daily transactions in the Layer 2 ecosystem year-to-date. It is important to note that the analytics platform only includes transactions executed by user or smart contract, excluding system transactions.

Coinbase’s incubated Layer 2 blockchain, Base, contributed significantly to this growth, surpassing 4 million transactions in July alone. That number has been reduced to 3.6 million, but Base has managed to consistently outperform Arbitrum, becoming the Ethereum Layer 2 network with the most transactions since the beginning of July.

Arbitrum’s transaction figure currently stands at over 1.85 million, followed by Optimism at around $476,000.

Stablecoin and Wallet Activity

Growthepie further revealed that Ethereum ecosystem layer 2 networks now surpass both Solana and Binance Chain in stablecoin holdings, with 150% more stablecoins than Solana and 94% more than BSC. In addition, Layer 2 is also showing an advantage in unique wallet activity, with over 4% more active addresses than Solana in a 7-day average.

This combination of a larger stablecoin supply and increased wallet activity suggests growing confidence in L2 solutions.

These findings raise questions about investor sentiment and whether they are potentially overvaluing Solana or undervaluing L2s. Interestingly, fully diluted valuation (FDV) for Layer 2 peaked around EIP 4844, reaching almost $95 billion, surpassing Solana’s FDV at the time, but has since declined to 31,000 million dollars, now smaller than Solana’s.

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